Guideline Value for MUNUSAMY NAGAR 2ND STREET

Munusamy Nagar 2nd Street guideline value

The current guideline value of Munusamy Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Medavakkam village and falls under the Chennai South Joint I SRO. The land classification for this area is Commercial Class I Type - III.

How the guideline value of Munusamy Nagar 2nd Street has changed

The guideline value for Munusamy Nagar 2nd Street has undergone several revisions over the years. The earliest recorded figure is from 2012, which was Rs 2,500 per sq.ft. This was followed by a decrease to Rs 1,675 per sq.ft in 2017. In 2023, the value increased to Rs 2,500 per sq.ft before rising again to Rs 2,750 per sq.ft in 2024.

From 2017 to 2023, there was a significant increase of 49%, while the 2012 to 2017 period saw a decrease of 33%. Overall, from 2012 to 2024, the guideline value has increased by 10%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Medavakkam

In Medavakkam, there are 379 streets under the Chennai South Joint I SRO, with guideline values ranging from Rs 1,540 to Rs 7,500 per sq.ft. The median guideline value is Rs 2,200 per sq.ft, placing Munusamy Nagar 2nd Street's 2024 figure above this median.

• Munusamy Nagar 1st Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar 3rd Street: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar: Rs 2,750 per sq.ft (2024)
• Munusamy Nagar Main Road: Rs 2,750 per sq.ft (2024)
• Mullai Street: Rs 2,200 per sq.ft (2024)
• Moovendar Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Munusamy Nagar 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,750 per sq.ft, the total guideline value would be Rs 27,50,000. The stamp duty at 7% would amount to Rs 1,92,500, while the registration fee at 2% would be Rs 55,000. Together, these fees would total Rs 2,47,500. Duty is charged on the higher of the guideline value and the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Munusamy Nagar 2nd Street?

The Sub Registrar Office that covers Munusamy Nagar 2nd Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Medavakkam

When buying or selling property in Medavakkam, the guideline value is used to determine the stamp duty and registration fees applicable for the transaction. This value is crucial as it ensures that the correct fees are calculated based on the property's worth as assessed by the local authorities.

At the time of registration, the guideline value serves as a benchmark. The fees are calculated based on this value or the sale price, whichever is higher, ensuring that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Munusamy Nagar 2nd Street?

The current guideline value of Munusamy Nagar 2nd Street is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,500 per sq.ft in 2012 to Rs 1,675 per sq.ft in 2017, then back to Rs 2,500 per sq.ft in 2023, and finally to Rs 2,750 per sq.ft in 2024.

What are the stamp duty and registration fees for properties here?

For a property valued at Rs 27,50,000, the stamp duty would be Rs 1,92,500, and the registration fee would be Rs 55,000, totaling Rs 2,47,500.

Which office handles registrations for this area?

The Chennai South Joint I Sub Registrar Office handles registrations for Munusamy Nagar 2nd Street, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What is the median guideline value in Medavakkam?

The median guideline value in Medavakkam is Rs 2,200 per sq.ft, with Munusamy Nagar 2nd Street's value of Rs 2,750 per sq.ft being above this median.